- The Spanish magnate has also announced plans for a new venue called Strangers In The Night.
Pacha Group owner Ricardo Urgell has confirmed that the deal to sell the company is "practically done."
Pacha Group, the Ibiza-based clubbing conglomerate that owns dozens of venues and hotels around the world, went on sale for €500 million in September. The current deal, tabled by private equity outfit Trilantic Europe, is worth €350 million. "In a few days we will see the sad news of the sale of Pacha Group in the world's press," said Urgell in an interview with Diario De Ibiza, published today, October 17th. "The deal is practically done, but it's still not sealed."
That said, Urgell goes on to announce there's still a slight chance he'll pull out of the agreement. "There must always be a certain suspense to these things," he says. Should the deal go through, Trilantic Europe will take ownership of Ibiza venues Pacha, Destino and Lío, as well as the international franchise and Pacha Sitges, which was the first branch to ope, in 1967.
Urgell also announced plans for a new venue called Strangers In The Night, which will host a wide range of events, from reggaeton nights to theatre and dance shows. "The idea is that it's a multidisciplinary venue, because in this business you have to be constantly surprising the public," he said.